Denver pushes for banking access for marijuana industry

DENVER — The Denver City Council wants marijuana businesses in Colorado to be granted access to federal banking institutions now that the drug is legal for commerce.
The Denver Post reports (http://bit.ly/1gBpLyg ) the council voted unanimously on the proclamation Monday night, five days after...

DENVER — The Denver City Council wants marijuana businesses in Colorado to be granted access to federal banking institutions now that the drug is legal for commerce.

+ captionDENVER, CO - DECEMBER 30: Kurt Britz cleans jars that will hold recreational marijuana at 3D Cannabis Center in Denver, December 30 2013. The shop is getting ready for the first of the year, when they are allowed to sale recreational marijuana. (Photo by RJ Sangosti/The Denver Post)

The Denver Post reports (http://bit.ly/1gBpLyg ) the council voted unanimously on the proclamation Monday night, five days after marijuana became legal for recreational use in the state.

Although Colorado has allowed legal marijuana use for adults, the drug remains illegal under federal law, meaning banks are reluctant to offer services. For the most part, pot shops in Colorado deal in cash only, which council members say raises multiple safety and legal concerns.

Councilman Charlie Brown called the lack of bank options for the industry "absurd" and "ridiculous," saying no business can sufficiently operate on a cash-only basis.